PwC making investments for 'high quality' business in China, internal memo says

HONG KONG - PwC is making"tangible investments" to ensure the Big Four firm has high quality and sustainable business in China, it said in a memo to staff after Chinese regulators on Friday hit the company's mainland unit with a record penalty.

Chinese authorities have been examining PwC's role in Evergrande's accounting practices since the country's securities regulator accused the developer in March of a $78-billion fraud over a period of two years through 2020. "The PwC network has also shown continued support for our China firm throughout this period ... They are making tangible investments to ensure we have long term, high quality and sustainable business in China," it said.The firm said that its leadership team would help staff"navigate any questions or concerns" they might have related to the Chinese regulatory announcements.

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PwC China faces six-month business ban, large fine over Evergrande audit, sources sayRegulators will likely order business suspension for a big part of PricewaterhouseCoopers' auditing unit in mainland China for six months, five sources said.
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